# CFA Franc Zone: CA Regression Detail

| Variable | CFA: Z+ctrl | CFA: Z only | CFA: Age |
|:---|---:|---:|---:|
| Z_1 | 126.5171*** | 112.1736*** | |
| | (48.7210) | (36.2917) | |
| Z_2 | -17.2195** | -15.7135*** | |
| | (8.0030) | (5.9394) | |
| Z_3 | 0.6638* | 0.6225** | |
| | (0.3474) | (0.2592) | |
| fiscal_bal_gdp | 0.5121*** | | 0.5023*** |
| | (0.0853) | | (0.0855) |
| nfa_gdp_lag | 2.5280 | | 2.2307 |
| | (1.6114) | | (1.6424) |
| rgdp_growth | 0.2282*** | | 0.2381*** |
| | (0.0398) | | (0.0396) |
| old_dep | | | 1.1238 |
| | | | (89.7373) |
| youth_dep | | | -30.3797*** |
| | | | (8.6579) |
|:---|---:|---:|---:|
| N | 528 | 729 | 528 |
| R² | 0.0711 | 0.0676 | 0.0213 |
| Countries | 14 | 14 | 14 |

*Panel GLS with country and year fixed effects. Standard errors in parentheses.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*